“Vietnam may be the protagonist of the next crypto spring.”
More than three-quarters of Vietnamese cryptocurrency holders make investment decisions through recommendations from friends, according to an August 30 report from Vietnamese venture capital firms Kyros Ventures, Coin68, and Animoca Brands.
In a survey of 3,300 participants, 75.5% admitted to being “influenced by recommendations or recommendations” related to cryptocurrency investments. This number is 2.5 times higher than reported in the United States.
Self-research, community groups and media news are the largest sources of information for cryptocurrency investors in Vietnam, with nearly half choosing such methods.
The "Vietnam Cryptocurrency Market Report" for the first half of 2023 also shows that 70% of respondents believe that the bear market has ended or is about to end. At the same time, 75% of respondents expect more regulatory intervention in the cryptocurrency industry.
1. Vietnam "can be said to be a currency speculation for all"
According to Chainaanalysis, Vietnam is currently the world’s leading country in cryptocurrency adoption and ranks second in decentralized finance (DeFi), with more than 19% of adults owning digital assets, although only 9 educational institutions in Vietnam offer blockchain courses, and only 8 blockchain courses have deployed infrastructure projects in the country.
In addition to the liquidity of centralized exchanges, Vietnamese cryptocurrency users also appreciate the self-regulatory nature of DEXs.
Nearly 90% of survey participants are involved in DeFi activities, the data is as follows:
GameFi is 70.2%
NFT is 73.7%
CeFi is 91%
SocialFi is 54.9%
Survey participants had a balanced view of CEX and DEX.
2. Infrastructure construction "encrypted education, talent attraction, rational supervision"
Vietnam’s emerging technical talent and high cryptocurrency adoption also make Vietnam an attractive destination for foreign projects looking to tap into the region’s growing market.
Revenues from Vietnamese cryptocurrency exchanges are expected to reach $109 million by the end of this year and grow 16.8% annually over the next four years.
The survey shows clear progress in decentralized finance and blockchain infrastructure projects, including eight projects including Aura Network and Firebird.
Despite the progress, Vietnamese investors are calling for greater scrutiny in a country considered relatively easy to acquire digital assets.
Although trading cryptocurrencies is illegal in the country, Vietnam still lacks a significant legal framework governing their use and trading.
As a result, the survey found that more than 70% of respondents supported some form of regulatory oversight.
Specifically, 33.4% support regulation of large centralized exchanges, while 24.6% support broader regulation that includes exchanges, cryptocurrency companies, and individual investors.
Vietnam is also taking steps to increase domestic blockchain education courses to produce crypto-savvy workers to meet growing demand.
Conclusion
The development and trends of local technology in Vietnam are also changing rapidly to adapt to the development and trends of global technology.
In fact, you may have noticed that there were over a hundred GameFi projects in Vietnam before, and now it’s time for a ‘Web3 build’ wave, especially since GM Vietnam [Vietnam Blockchain Week] 2023. "
Vietnam may be the protagonist of the next crypto spring.
✏️Disclaimer: This article is for reference only, DYOR
Source: Alpha Investment Research Agency
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